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, jack lew, to be his next treasury secretary. outgoing treasury secretary tim geithner should be there also. >> spearing tough fiscal fights with congress and his choice is raising questions about how independent the new treasury chief will be from the white house. steve liesman taking a close are look at this. steve, how independent are they and when they get too independent as paul o'neill did, they get fired. >> very good point. one is how much independence they exercise in office but the other is the chief criticism of jack lew so far is how much independence he brings to the job before he takes the office. the issue is when you think about the past seven treasury secretaries they've all come to the office in their resume with a bit of intendens, which leads you to something other than politics at the white house. let's go through it now. lloyd benson back in 1939 appointed by clinton, he was politically right of center of president clinton. that was the one thing. robert rubin came from goldman sac sachs. it was something other than political. larry summers, appointed by
the history books are written, tim geithner is going to go down as one of our finest secretaries of the treasury. jack has my complete trust. i know i am not alone. in the words of one former senator, having him on your team is equivalent as a coach have in the luxury of putting some of the at almost any position and he will do well. i could not agree more. i hope the senate will confirm him as quickly as possible. >> lew was an executive at citigroup from 2006-2008, at a time the financial crisis, and then along time proponent of deregulation wall street. more after headlines. the pastor selected to deliver the benediction at president obama is an operation later this month has withdrawn following an uproar over anti-lgbtq comments he made in the 1990's. the rev. had come under opposition after it was revealed he called on christians to fight what he called the lgbtq movements aggressive agenda. the inauguration committee said it was unaware of the pastor's prior stance at the time he was elected. a new study has found up to half of all food worldwide is going to waste. britain'
the federal budget. >> when the history books are written, tim geithner will go down as one of our finest secretaries of the treasury. [applause] host: the president of the united states on timothy geithner and talking about his tenure as to -- secretary treasury. "the washington post" writes -- highlighting efforts made by the financial crisis and the housing industry. this comes as jack lew will become the next person to be nominated into that position. we want to talk to you about timothy geithner, his legacy, his time served as the treasury secretary, and your thoughts on what he has done or not done depending on your opinion. here is how you can join us this morning. you can give us a call -- if you want to send us a twet -- @cspanwj facebook.com/cspan this is how "the new york times"highlights some of his accomplishments. it says here -- that is "the new york times." prefers to 45, your thoughts on timothy geithner as the secretary treasury. -- for the first 45 minutes, your thoughts on timothy geithner as secretary treasury. more from "the new york times." they continue to write th
for a while and he doesn't have the experience in financial regulation that tim geithner brought to the job having head of the federal reserve bank of new york during the financial crisis. but jack lew is expected to be announced today. the pecked speculation about his replacement as white house chief of staff has centered in the last 24 hours around dennis mcdonna. sources tell me that dennis mcdonough is the chief candidate. ron biden has already been a contender. wool see whether the president pairs the announcement of a new chief of staff with jack lew's appointment today. >> so jack lew seems to have the nomination locked up. danny krugman is expected to be looked go ahead at for treasury secretary. >>> still, that's a subject for great discussion. now let's bring you up to speed with the action on today's global markets report. will i sixuan is with us. hi, sixuan. >> thank you, ross. that surprising number in trade data has helped beat sentiment in asia. the sensex index had a fresh 19-month high in trade before closing up .6%. airline stocks on upgrades. the shanghai composite finis
succeed tim geithner, who drew fulsome praise from the president. >> when the history books are written tim geithner's going to go down as one of our finest secretaries of the treasury. our economy is better positioned for tomorrow than most of those other countries hit by the financial crisis. the tough decisions tim made and carried out deserve a lot of credit for that. >> brown: at 57, lew is already a 30-year veteran of washington. he was a principal domestic policy advisor to house speaker tip o'neill in the 1980's, and negotiated with the reagan white house on social security and tax reform. later, he served two stints as the country's budget director, first under president clinton, then under president obama, before becoming white house chief of staff. today, in the east room of the white house, the nominee voiced his gratitude. >> thank you mr. president for your trust confidence and friendship. serving in your administration has allowed me to live out those values my parents ensiled in me and i look forward to continuing with the challenges ahead. >> brown: lew, and other top a
. he just had a meeting with treasury secretary tim geithner. it'll be interesting to see what he had to say. sandra: and liz claman live in las vegas getting us a glimpse of tomorrow's tech today. liz: how many of you all out there watching watch youtube videos and say i have to show that to someone? i want to show it on my television right now. panasonic with a new feature that they absolutely believe you will dump your current tv for and by panasonic. youtube to your tv. he will show it to us and it is something he absolutely feels can change behavior for television owners. we will show it to you coming up. over at panasonic. back to you. sandra: we look forward to that. shibani joshi is also at the big show in vegas and she will join us in about 15 minutes with the ceo of qualcomm, find out where he sees mobile technology heading and should know his products are in the most coveted devices out there. ashley: stocks extending into the second session with all three major indices closing in the red. eight of 10 s&p sectors ended lower. telecom, industrials the worst performing sector
discussed. this from treasury secretary tim geithner who was really installed to deal with the financial crisis. at this point the president is making his pick to deal with federal budgets. the nominee, jack lew, was the budget director for president clinton. here at the obama white house for all these major budget fights he has been at the president's side. >> over the past year i've sought jack's advice on virtually every decision that i have made from economic policy to foreign policy. now one reason jack has been so effective in this town because he is a low-key guy who prefers to surround himself with policy experts rather than television cameras. and over the years he has built a reputation as a master of policy who can work with members of the both parties and forge principled compromises. >> republicans have another take on that reputation. this from senator orrin hatch of utah saying since mr. lou participated in numerous budget negotiations with congress and with four consecutive years of over a trillion dollar deficits, the american people deserve to know, not only that this n
to nominate white house chief of staff jack lew as his next treasury secretary. succeeding tim geithner. lew has been budget director in both the obama and clinton administrations. he will pray a major role of course in negotiations over the debt ceiling and potential spending cuts. the president will make his announcement at 1:30 eastern. it's an event in the east room at the white house. i have to say off the bat just because he's a forest hills guy like me that i, you know, may be a little affinity, we grew up in the same town. >> that alone could be good. >> different generation. >> maybe a technocrat is what's necessary. no one tells me this guy is acrimonious. the talks may have been. but when we're trying to figure out what to cut, maybe you just need a guy who knows his way around the budget as opposed to a federal reserve guy. i thought tim geithner did a great job, though, and i know i find myself in the minority on that, but he came to the rescue of the system in apparel husband time and i think he good a remarkable job. >> jack lew is well respected by both sides of the aisle. an
daley. >> and when tim geithner was picked, having worked closely with hank paulson at the federal reserve bank during the crisis, people were comforted by that. they said, well, maybe he's not so liberal. well, as it happened, larry summers was an advocate of more stimulus than others in the administration. so you can't necessarily read that much. events are going to dictate, i think, whether this president adapts his own view necessary a way that people interpret it as going to the center or not. but for the moment, he knows where he is and where he wants to go. and he's picking somebody who can help them achieve his agenda. >> you know, the thing you point out, that this is a situation where business leaders probably wanted one of their own, they may argue they want somebody in there looking for pro growth policies. but maybe more important is somebody who was very familiar with the financial markets. that was somebody that tim geithner created a lot of confidence because he knew the markets so well, knew the underworkings. and when there were big issues, you knew there was some
remaining stake in gm. >> the president could name a new treasury secretary to replace tim geithner as early as this week. former fdic chair sheila bair is here on what that could mean for the debt ceiling debate. >>> another day, another bank call. this one, though, in the opposite end of the spectrum from what we've gotten recently. credit suisse downgrading bank of america citing valuation cause for concern. pleasure to have you with us. >> thanks for having me. >> seems like the primary driver behind this is the huge run we've seen in bank of america, the fact that right now it's trading at a multiple of 2013 earnings that exceeds jpmorgan as well as citi. does that imply that where citi and jpmorgan are trading, is that where bank of america should be trading? >> no, it's not at all. because bank of america does have a lot of cost reduction opportunities. on 2014 estimates, it's only one multiple point difference than 2 1/2. it narrows over time. but the issue really is, you know, are those cost cuts going to come in a straight line and could there be any interruptions. >> this almost s
they were. when you got past geithner, tim geithner, the treasury secretary the rest of them were almost nonentities. he was a real nonentity. the person driving the economic agenda is valerie jarrett. it will be interesting to see how valerie jarrett meshes with jack lew. another story we had had first here on fox business. ashley: aig. >> why did they say no to hank greenberg? there are many reasons why. i'm getting this from inside the company. they were not going to join this lawsuit earlier today. it was, it is so obvious. aig right now is applying to be about is known as a sieve if i firm. ive if i firm. system i financially important firm. systemmally important financial institution they are applying for that. guess who you don't sue. ashley: the federal government. >> this was a nonstarter from the minute they looked eight. should also point out another reason why, they have an ad campaign where they basically talk about how they're thanking the american tax pay fore --. ashley: turning around and suing the taxpayers essentially. >> those two things. systematically important issu
-- would it be fed chairman timothy geithner? tim is here to explain what he thinks tim geithner's next move is after treasury. >> forget the banks. the face's wealthier are increasingly turning to pawn shops for revolving lines of personal and business credit. details from this booming business from our very own jane wells a little later on in the "closing bell." impact life expectancy in the u.s., real estate in hong kong, and the optics industry in germany? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> treasury secretary timothy geithner will formally step down two weeks from today, so what's next for him? steve liesman is here with an interesting take. steve? >> reporter: thanks, maria. geithner will stay at treasury until january 25th. unclear if that's going to mean a seamless tra
and his choice for treasury secretary. >> a little more than four years ago i stood with mr. tim geithner, the first nominee to my cabinet. we were two months into the financial crisis. the stock market had cratered. the stock market -- bank after bank was on the verge of collapse. worst of all, more than 800,000 americans would lose their jobs in just that month. at the bottom was probably not yet in sight. i could not blame tim when he told me he was not the right guy for the job. [laughter] extensivews that tim's experience with economic policy made him eminently qualified and i knew he could hit the ground running. as chairman of the federal reserve, he had just spent chaotic weeks emerged in the crisis and had been working with the treasury to save the financial system. then when the wreckage -- with the wreckage of our economy still smoldering, i asked tim to help us put it back together. thanks in large part to his steady hand, our economy has been growing for the past three years. our businesses have created nearly 6 million new jobs. the money we spend to save the financial syste
that, if you remember in the discussions about the fiscal cliff when tim geithner delivers to the republicans the initial offer they don't come back with a counteroffer that says if you want those revenues we want entitlement cuts. they then say to the administration "we want you to propose entitlement cuts so we can turn around and say look you proposed entitlement cuts." so i don't know which it is. i know that in the long run all the economists are going to agree what the root of the challenge. is it's the aging of the the population, rising health care costs and we don't have the tax revenue to cover that. it's not based on excessive spending on food stamps. it's not based on discretionary spending. that is not what the problem is. >> rose: david? >> i think it's significant if republicans have decided they want this next round to be about entitlements rather than spending. because there is no solution in discretionary spending. >> rose: exactly. >> there's not enough money there. >> rose: everything knows that, don't they? i'm surprised everybody doesn't accept that id
an ally. hello? ally bank. your money needs an ally. >> all right, so picture this. treasury secretary tim geithner gets the mint to make a one coin, the value, $1 trillion. then he takes that coin over to the federal reserve bank and deposits it. then the government writes checks against that trillion dollars. so that does that mean there's no need to raise the debt ceiling? joining us now to explain it all is deputy editor is the business insider. joe? >> how you doing? >> there's a law that says the treasury secretary can mint a platinum coin, how does that work? >> the treasury secretary does have broad discretion over specifically platinum coinage, the size of it, the denomination and so forth. a lot of people frustrated with the debt ceiling, it looks like the same thing in 2011, second time we don't think the debt ceiling is something to be used for a negotiating point, they're excited this could be a way to get around it. >> we showed that provision there. michelle and i were saying, this reminds us of zimbabwe. wouldn't this cause run away inflation? >> that's what people usually
, the mask is off the white house. there's no pretense that they have an interest in spending and when tim geithner's first offer in the negotiations was $1.6 trillion in new revenue, raise the debt ceiling with impunity and have more stimulus spending, that unbridled foolishness that has jarred the gop and the house. so those sort of shutdown questions become easier to coalescing. >> so it's a yes? it's on the table, is that right? >> well, as you and i have talked before, my home state is illinois, which is an example of what not to do. they chose revenues at a state level, didn't deal with the underlying spending drivers and what happened? higher than average unemployment, more per capita debt than any other state in the union almost and been downgraded twice. $7 billion in unpaid bills after the revenues come in. so i'm sensing just in talking to a lot of colleagues today and over the past couple of days a higher level of interest in going much further than they have ever gone before. >> last one, are all revenues off the table as far as you and the house leadership is concerned? >> ye
. they won't specify. the outgoing treasury secretary, tim geithner said, we have no plan. and as geithner always says, plan beats no plan. you have no plan. >> and the american people have no idea what they're talking about on this stuff. >> that i agree with. we're sending conflicting messages. >> it doesn't matter what people think about cutting spending. we have to. >> the polling data show by 75% the american people want spending cuts. i will say this. i may be wrong and you all may be right. but i think the g.o.p. is now migrating towards the spending sequester. including the defense and national security cuts. we're going to debate that in a few moments with general mccaffrey. but i think the gop is migrating there. i think that is exactly the right thing to do. and it shows a little bit of courage. and i think this letter from the four senators today, keith, all it says is waw waw waw we don't want to cut spending. >> that's what john boehner says. interesting rates are low now, inflation is low now. we're still recovering from an economic crisis. this is not the time quite honestl
that tim geithner is using right now to extend it are going to run out. republicans are saying absolutely, no rise in the debt ceiling without an equal number of spending cuts. democrats are saying we're not negotiating with you as all, because as whyte white house press secretary jay carney said look what happened when we tried that in 2011 it resulted in a credit rating downgrade. >> he will not negotiate with congress when it comes to the essential responsibility of congress to pay the bills that congress has incurred. it would be irresponsible to flirt with default. we saw what happened in the summer of 2011 when congress did flirt with default. >> and i think we can conclude from the fiscal cliff debate, maria, is that congress and the white house won't reach an agreement before they absolutely have to, and don't rule out possibility that the white house could yet invoke constitutional authority to unilaterally raise that debt limit if congress is not willing to play ball with them. >> we'll be wag. thanks very much. how far can washington push this debt ceiling fight before damage i
of jack lew to replace tim geithner as the new treasury secretary. it's important to look at this in context of what it may mean for the debate on spending cuts as we approach this debt ceiling limit and the fight that is ensuing. tim get near is leaving january 25th. that means lew will be the main point person for this debt ceiling drama. so, what does this mean ahead of what is likely to be another hard fight? perhaps the best clues for that are in an op-ed from two years ago from jack lew. inis entitled "the easy cuts are behind us." the piece absolutely advocates getting out of our debt and getting the debt and deficit under control. but it does so by discussing some cuts in defense and then examples of scaling back things like something called the great lakes restoration initiative. not eliminating it, just cutting it by maybe a quarter of its present cost. a sav
a comprehensive review. highlights from the news conference coming up. what does the future hold for tim geithner for his model for tackling the problems? this morning's early movers here on wall street. where is flo? anybody know where flo is? are you flo? yes. is this the thing you gave my husband? well, yeah, yes. the "name your price" tool. you tell us the price you want to pay, and we give you a range of options to choose from. careful, though -- that kind of power can go to your head. that explains a lot. yo, buddy! i got this. gimme one, gimme one, gimme one! the power of the "name your price" tool. only from progressive. >>> take a look at the dow map. boeing one of the biggest losers at this hour. it is down by 1.8%. we continue to monitor the faa conference out of washington. we will bring you the latest as soon as we have it. bank of america, no surprise there. wells fargo earnings dealing with softness down as well. wells fargo is down by 1.8%. >> trying to accumulate during the break some analysis of wells fargo. they're saying, listen, 10% annualized loan growth, not as bad
expects to happen. it was an attempt to move tim geithner, the outgoing treasury secretary forward a little bit. either guy became very important in the final enproduct, but joe biden who was the key negotiator from the white house. how much is planning and how much is just the way things have always been. cheryl: i don't know. you know, charlie, one of my colleagues here in fox business, reported for months that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the president knew a long time ago jack would be the guy. at the same time, it's surprising he would take on a fight like this with congress with when he has the chuck ha golf course e -- chuck hagel fight as well. it's like he doesn't care what republicans or nip thinks in washington and does what he wants. >> i don't see a fight with jack. he's not popular with republicans, that's true, but the other side focuses the fire on one main target, and other people get less, and i think the fire is going to be devoted to, pointed at chuck as you suggest. i think that jack lew, is n
. then what's next for tim geithner? a return to the private sector? or maybe another high profile public job at the fed. steve liesman will just a few minutes stamps.com is the best. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail man picks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv and never go to the post office again. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and ass
treasury secretary tim geithner. you can see live coverage on the companion network, c-span. this week at six eastern on c-span2 we are featuring past programs to read to the supreme court justice antonin scalia on the book making your case the art of persuading judges and gives advice to lawyers on presenting oral argument. then at seven eastern it's another programs to convert >> back in the private student lending markets. you saw a lot of families who were not necessarily going to the colleges and another student was going to say in music school i wrote an article about a gardiner who said his son to college, the first in the family to go to college. the dad made about $21,000 a year in family income and he was able to borrow 6 feet to six figures for his son. there was no underwriting. and this lender by the way settled with the attorney general's office because i don't know if you remember, it was called the preferred lender list where the lender's word in some cases accused of pay schools for preferential treatment and for them to sort of steerer students towards a particular lo
secretary tim geithner, expected to leave at the end of the month. what is the administration saying about this search for his successor? they must be racing the clock now. >> that's right, they are. you have the debt ceiling, a battle coming up, there are other economic matters that have to be dealt with over the next few months and it's important for the president to make this election, we expect the president will be making some announcements as early as next week. we reached out to the treasury department yesterday, a spokesperson telling me that treasury secretary geithner will be around until around the inauguration, and that they won't talk exactly about the timing of his departure until a successor is named but no doubt, this is a crucial cabinet position that the president is mulling over while here on vacation in addition to some others as well, such as the cia, and the defense department, victor. >> dan lothian traveling with the president, thank you for joining us for that. let's see how the markets are reacting to the jobs numbers. alison kosik at the new york stock exchange.
strikes to replace tim geithner as treasury secretary. that could come as early as tomorrow. this as the president continues to develop his team for the second term. the announcement is likely also to be a topic of reporters questions this afternoon during today's white house briefing jay carney will brief media members at 145. you can see that on c-span2. it's about this time of the year state governor's offer their state of state addresses. c-span will bring several and beginning at noon eastern. >>> to this year marks the 100th anniversary of richard nixon's dearth. join us tonight for any event if you ask how many are self identified libertarians, depending on which poll you look at you might be getting between ten to 15%. if you ask questions like if you give people a battery of questions about different ideological things like to you believe in x and y and track those to different ideologies than depending which pull your looking at you get maybe it to 30% of americans calling themselves libertarian. if you ask the following question: are you economically conservative
that to tim geithner. >> you could have a great year based on currency fluctuation and horrible year based on things out of your control. >> the kinds of things we're selling, a lot of them are long term capital goods. fluctuations day-to-day are not a big impact. large businesses are more impacted by fluctuations. the larger project whether building power plant or airplanes is less impacted. >> are you frustrated in the slowness of getting trade deals done? >> we had three trade deals done and we're now executing them. we had a record deal in c colombia. still banks think of colombia 10 years ago, not 21st century. it's been a strong market for energy and small business. >> where are we in small business? what's the left you'd like to see done? >> free-trade agreements? >> yes. >> i leave that to the trade reps. i think trade agreements are hard to do. look how long it took to get the last three done. they're just really hard to do. there's a lot of discussion. what i'm really focused on is emerging markets where we step in at the export import bank and close those deals. seeing a lot of
of staff jack lew. he would replace treasury secretary tim geithner. that announcement is set for 1:30 eastern today. c-span will have live coverage. all this week at 6 eastern here on c-span2 we're featuring past q&a programsment today it's supreme court justice antonin scalia on his book, "making your case: the art of persuading judges." it gives advice to lawyers. and then at 7 eastern, it's another q&a program, a conversation with neil barofsky. he's written a book called "bailout: an inside account of how washington abandoned main street while rescuing wall street." >> back in the heyday of the private student lending market, um, you saw a lot of families who weren't necessarily going to for-profit colleges. you know, their student was going to, say, a music school. i wrote an article about a gardener who sent his son to college, you know, the first in the family to go to college. he made about -- the dad made about $21,000 a year. that was family income. and he was able to borrow six figures from a private student lender for his son. and, i mean, there just was no underwriting
president obama tapped current white house chief of staff jack lew to take the place of tim geithner, and we expect that announcement tomorrow. jay carney likely to get questions about that today at the white house briefing set to start at 2:15 eastern now, and it will be live here on c-span2 live coverage, a discussion on this year's budget battle from today's "washington journal." >> host: back at the table is the president of club for growth, talking about the republican agenda for the 113th congress. let me show our viewers the "washington times" from mondays and the headline, g.o.p. shut down and sanity jolt as a way to press need for cuts." when it comes to the next budget battles ahead, republican senators, ted cruz, and others, laying the ground work. are you part of the effort or consulting with them on this? what do you think about it? >> guest: we supported people like cruz and others champions of economic freedom in the senate and other house members. we do that because we want fiscal sanity in washington. we endorse people at the club for growth we think hold a pro-growth view,
Search Results 0 to 35 of about 36 (some duplicates have been removed)